For many homeowners, the purchase of a new home is dependant on the sale of their old one. While it would be ideal for the selling of your old home and purchase of your new home to happen at exactly the same time, the dates rarely line up like that. You may have sold your current home but are still searching for a new one. Or, you may have found the perfect property but are lacking a buyer for your current home. Selling and buying a new home can be daunting; fortunately, you do have options, and it can be done! Sell First There are some benefits to selling your home before buying a new one, the biggest one being that you will know exactly how much you can afford on the new home. If you don’t sell first, you may be overly optimistic about the value of your home…

University or college education doesn’t come cheap, but it’s an invaluable investment in your future. You may be deciding to go back to school so you can follow a new career path, further your existing skills and knowledge, or simply to enrich your life. It’s an incredibly worthwhile venture, but the question often arises of how to finance further education. Many homeowners end up using a home equity loan to finance their education or their children’s education. A home equity loan allows you to access the equity you have in your home and receive a cash loan that can be put towards education. As you make your mortgage payments over the years, the equity you have in your home grows. Your home equity will be the current market value of your home minus any remaining mortgage payments. Your equity will not only increase as you pay off your mortgage, but…

Home repairs and renovations are sometimes essential, sometimes unforeseen, and sometimes carefully and strategically planned to improve your home and increase its value. Renovations and repairs don’t come cheap; however, they are a good use of your money as they will increase your home’s value. A common way that homeowners afford repairs and renovations is by refinancing their current mortgage. Refinancing a mortgage is usually better for your bank account than taking out a loan or a line of credit. However, refinancing is a big step, and before you go ahead with it, you’ll want to make sure it’s the right solution for you and your situation. Refinancing is a process that pays off your existing mortgage and creates a new one. Since you would be using the funds to pay for renovations or repairs, you would be trading in your current mortgage for a larger mortgage in order to…

A reverse mortgage is a home equity loan directed specifically at elderly homeowners. A reverse mortgage can assist retirees in order to improve their cash flow, afford larger purchases, or manage unexpected expenses. With a reverse mortgage, monthly payments aren’t necessary. Rather, the bank makes payments for you, which are taken out of your home equity. The loan is paid off once the borrower passes away, sells the home, or moves permanently. With a reverse mortgage, you can also never owe more than the value of the home. Additionally, if there is equity left over after the loan is repaid, you or your heirs will be able to keep the difference. Reverse mortgages are specifically targeted for those over 62. If any of the following apply to you, you may be a good candidate for a reverse mortgage: You own your home outright or have a small mortgage. You’re not…

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